We understand that but frankly we are extremly reluctant to ablidge.

Quote from @Brandon Croucier: That’s a killer loan if they are actually offering that.Seems extremely below market value as even primary mortgages are higher than this right now.I would beware of a bait & switch on this. 

As a lawyer surely you find your work well paid and also exhausting. 

Even though your market might prove expensive, I would exhaust all options before ruling it out.Truth is, you have a unique competitive advantage in your market.  

I would recommend starting in your backyard and hone your skills if its possible, I know some markets have an extreme HCOL which may make it unfavorable in your case.

Campus housing has been under tremendous headwinds for the last 4 years.These properties were sold with extremely aggressively optimistic projections, as well as a price that represented a significant premium to fair market value.So sorry to hear about your investment.

It by no means is an exhaustive search but I also haven’t seen any co-op communities selling for 50% of comparable condos.I also know lenders that have originated loans for the co-ops in Laguna Hills and I was also reading how Fannie Mae buys mortgages issues to co-ops so it sounds like there’s a market for both qualified and non-qualified loans.

My wife and I are extremely thankful to you all for helping us take this next journey in life. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

I don't want him to be my brokerage sponsor because he will want me to look at MF deals, which has extremely slowed down in the past few years.